Motilal Oswal's research report on Updater Services
Updater Services (UDS) reported a 3QFY26 revenue growth of 10% YoY to INR7.7b, above our estimate of ~INR7.6b. Core EBITDA margin was 5.3% (est. 4.5%), up 70bp QoQ. Consolidated adj. PAT stood at INR283m (down 8.2% YoY), in line with our estimate of INR282m. This excludes the one-time impact of costs related to changes in labor codes amounting to INR53m.
Outlook
Given persistent execution risks in BSS and subdued margin outlook, we maintain our Neutral rating with a TP of INR170, implying 10% potential upside.
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